Al-Nasser: Rebuilding Oil Reserves May Take Two Years.. Exploring Additional Export Routes

Amin Nasser, CEO of Saudi Aramco, warned that pressures on crude oil supplies pose a significant global challenge, noting that replenishing oil inventories could take around two years under current market conditions and the challenges facing the energy sector.

Speaking at the 25th edition of the World Petroleum Congress (WPC Energy) in Riyadh, Nasser said that Aramco is exploring additional routes for crude oil exports, alongside efforts to expand external storage facilities, with the aim of enhancing supply resilience and boosting the company’s ability to respond to potential fluctuations and disruptions in global energy markets.

He added that the sharp rise in refined fuel prices further complicates the current landscape, emphasizing that protecting energy infrastructure and its transportation corridors requires collective efforts and international cooperation to ensure supply security and market stability.

Regarding future growth plans, Nasser confirmed that Aramco aims to increase gas sales and boost its production capacity by approximately 80 percent by 2030 compared to 2021 levels, as part of the company’s strategy to meet rising energy demand and support the transition in the global energy sector.